Life Insurance with No Medical Exam

Can You Get Life Insurance With No Medical Questions?

No company wants to leave money lying on the table. Life insurance companies are no different. They realize that there are people who want to get life insurance, but just don’t have the time or inclination to go through the hassle of getting the medical examination required for a life insurance policy. These are people that are in good health and would purchase a policy if it was easier.

So, insurance companies realized that there was a large market that would apply for life insurance if they only had to answer a few medical and lifestyle questions rather than submit to a physical examination. It really is possible to get a good life insurance plan with no physical examination required.

No Medical Life Insurance

A person interested in getting a life insurance policy without a medical examination will still have to complete an application that will be forwarded to the insurance company’s Underwriting Department. The person applying for the insurance will have to answer medical-related questions on the application, and should always answer them truthfully. The questions will include the normal age, weight, and height type of questions, but will also query about previous illnesses, family history of medical conditions, past and current medications being taken, and smoking status. There will also be questions about lifestyle issues, such as activities and sports the person is engaged in. Many companies will also ask questions about driving history.

Typical Application Medical Questions

• Prescription drugs – insurance companies want to know the person’s current medical history and status. The prescription drug history will help them identify any medical problems that require maintenance such as high blood pressure or cholesterol issues. If the person is not taking any medications, it can be a sign of good health.

• Name of primary care physician – the insurance company can check with the physician for medical conditions identified on the application to give them an idea of any risks involved in offering insurance to the person.

• Weight loss in the past six months – losing weight could tell the insurance company that there could be an illness unless the person has been on diet to lose weight. Even then it could indicate that the person is overweight and might have issues associated with being overweight.

• Family history – since some illnesses are predisposed in families, this information might alert the insurance company that a medical examination is warranted.

It will be difficult to try and put down false information on the application form, as the insurance company will check information in prescription databases as well as the Medical Information Bureau. They will also check the driving record of the individual. Often a representative from the insurance company will call the person applying for insurance to review the application questions. These conversations become part of the application record in case there is question about the accuracy of the policy at a later date.

More importantly, being truthful on the application is critical because if fraudulent answers are discovered the insurance policy becomes null, even after the person has deceased. If the policy is terminated for fraud, no beneficiary monies are paid.

Many no medical examination life insurance policies have a two-year waiting period time that is called a Contestability Clause. This clause means that any health or lifestyle question that was misrepresented on the policy could invalidate the entire life insurance policy.

Cost of No Medical Exam Life Insurance

No medical life insurance may be easy to obtain, but many people get this type of insurance due to medical problems. Therefore, the premium is higher than policies that require medical examinations. If a person is in good health, taking the medical examination will save money that could be invested elsewhere.

There are also guaranteed issue life insurance policies that do not require medical examinations, and cannot turn applicants away. These policies can cost five or more times a regular policy so should only be used by people who have medical issues that no company will insure.

Many people think that no medical exam policies are the only way to get insurance is a medical issue exists. But, they should always get quotes from insurance companies even if it is just for rate comparison purposes.